Sign up Australia
Proactive Investors - Run By Investors For Investors

Valor Resources raises $3 million from high-quality investors

A $2 million amount is from directors and must be approved by shareholders at a yet-to-be-called meeting.
Australian currency
Valor will drill 4,000 metres at Berenguela in the latest drilling campaign

Valor Resources Ltd (ASX:VAL) (OTCMKTS:VOYRF) has received $3 million in commitments from sophisticated investors in a capital raising led by CPS Capital Group Pty Ltd.

The firm commitments were made at 1 cent a share, with a 1.5 cent option that expires at the end of 2021 attaching to each share.

Valor chairman Mark Sumner said: “I would like to thank our existing shareholders for their support and would like to welcome our newest shareholders to the registry.

“We believe that we are at the beginning of what will prove to be a very exciting period for Valor.”

 

The capital raising at an 11.06% discount to the 15-day volume-weighted average price will add about 300 million new shares to the register of the Perth-based company.

About a third of the raising, or $2 million of the capital, will be from the company’s directors if shareholder approved is gained.

READ: Valor resources metallurgical work validates Berenguela project

To meet the terms of Valor’s Berenguela project acquisition, the company must allocate additional shares to seller SSR Mining Inc to maintain the vendor’s 9.9% voting power in Valor.

The additional shares SSR will be placed under the 15% placement capacity the company has in operation.

READ: Valor resources identifies high-grade copper-silver-manganese at Corona West

CPS will receive 100 million options for its part in the raising at the same 1.5-cent exercise price, also expiring on December 31, 2021.

Valor will soon call a meeting to ask investors to approve its $2 million raising from directors.

View full VAL profile View Profile

Valor Resources Ltd Timeline

Related Articles

1538040715_DJI_0816_resized.jpg
September 27 2018
Rainbow's Gakara project is one of the highest grade rare earths operations in the world
Copper on the periodic table
March 08 2018
Historical high-grade ore stockpiles present an early cash flow generation opportunity.

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use